Samsung Electronics Canada, Inc. SWIFT/BIC code

SWIFT/BIC code of Samsung Electronics Canada, Inc.

The 8-character code SECTCAT1 and the 11-character code SECTCAT1XXX refer to the same bank: Samsung Electronics Canada, Inc. in Mississauga, Canada. Banks worldwide use these codes to route payments between countries to the correct institution. In daily life you mostly see the code on invoices from abroad, in payment forms and on the account details that Samsung Electronics Canada, Inc. provides.

We wrote this page to help anyone who receives money at an account at Samsung Electronics Canada, Inc. and wants to get the details right. A SWIFT code names an institution, not a single account, which is why you always need the account number too.

Watch out for payment fraud

Stay wary when a contact unexpectedly asks you to pay into another account abroad. The fact that SECTCAT1 exists is no guarantee that a request mentioning it is genuine – fraudsters use real bank codes as well.

Never rely on contact details in the same message that announces the change. Be suspicious of urgent requests, odd spelling or an email address that differs by one letter. If money was sent to a fraudster, call your bank right away – speed improves the chance of getting it back.

Fraud also work the other way: someone sends more than agreed and wants you to return the difference to a new account. A screenshot of a transfer is no proof – check your own account.

Which of the 2 codes of Samsung Electronics Canada, Inc. do you need?

Samsung Electronics Canada, Inc. uses 2 different SWIFT/BIC codes. Only one is the head office code; the others belong to branches or departments.

For the vast majority of incoming transfers, the head office code SECTCAT1XXX works fine. When you receive a specific code, use it as it is rather than replacing it for the head office code.

The best way is to take the code straight from the recipient’s bank details. Codes can change over time, so do not rely on old paperwork.

Sending money abroad from Samsung Electronics Canada, Inc.

If you transfer money abroad from Samsung Electronics Canada, Inc., the fee you see is only part of what you pay. On top of the transfer fee, banks in between can deduct a fee, and when the money changes currency, the bank often uses a rate below the actual market rate.

Banks do not list their exchange rate markup as a cost – you only notice it if you compare. A simple test: put the rate you get next to the mid-market rate and work out the difference on your amount.

For many routes, a transfer service turns out to be less expensive than a traditional bank transfer, mainly because of the exchange rate. GoldexPay lists transfer providers next to each other, showing the amount the recipient gets before you commit. You can still keep your account at Samsung Electronics Canada, Inc. as the source of the money.

Canadian Dollar (CAD) and conversion costs

Most accounts at Samsung Electronics Canada, Inc. are typically held in CAD, the local currency. When you pay money in a different currency has to be converted somewhere along the way – by your bank, by Samsung Electronics Canada, Inc. or by a bank in between. You rarely see a separate line for that conversion; it is built into the rate.

Which bank converts the payment makes a difference, because each party uses its own rate. Transferring the amount already in CAD usually avoids a second conversion by Samsung Electronics Canada, Inc. – as long as your own rate is good.

Rates for CAD move all the time. If you pay regularly, small differences in the rate make a real difference over a year.

Verifying the SWIFT code of Samsung Electronics Canada, Inc.

The best place to find the correct BIC remains paperwork issued by the bank like a bank statement or the account page in online banking. When the code you were given does not match SECTCAT1 or SECTCAT1XXX, stop and ask.

With a wrong code, the transfer might get stuck, be returned or end up costing more – sometimes after weeks of searching. An error in the IBAN or account number can be a bigger problem, so check that just as carefully.

An automatic check in your banking app only confirms that the IBAN exists – not that it belongs to the person you mean to pay. Where available, a name check before sending gives extra certainty. A small test payment is a sensible step for large sums, even if it costs an extra fee.

Receiving money from abroad at Samsung Electronics Canada, Inc.

When you are waiting for a payment from another country, send the payer a complete set of details. In practice that means: your name as registered with Samsung Electronics Canada, Inc., your IBAN or account number, the BIC SECTCAT1XXX (or SECTCAT1) and sometimes your address.

It helps to add the bank name and its city too, because some payment forms have separate fields for them. Double-check every detail before you send them.

The amount you receive is often less than what was sent. Charges on incoming payments vary from bank to bank; check the price list of Samsung Electronics Canada, Inc.. Make clear with the sender who pays which costs before the money is sent.

When will the money arrive at Samsung Electronics Canada, Inc.?

A SWIFT payment typically needs anywhere from one to several business days. Payments made late in the day or just before a weekend or public holiday often start the next business day. Compliance checks on larger or unusual payments can also cause a delay.

Many banks are connected to SWIFT gpi. Each payment carries a unique reference, the UETR that banks can use to trace it. Money transfer services often provide a status in their app showing how far the payment is.

A delayed transfer is traced by the sending bank on the basis of the transfer details. Request from the sender the payment receipt – it helps your own bank look for the money.

About this information

We collect bank codes from publicly available data and update them from time to time. Still, banks merge, rename themselves or retire codes, so information can be out of date. Figures such as the number of codes come from our directory.

Treat this page as a starting point, not as the final word: the recipient’s bank details come first. GoldexPay is independent of Samsung Electronics Canada, Inc., we only compare transfer services. Found outdated information? Let us know through the contact page.

SECTCAT1 or SECTCAT1XXX – which one to use?

Each SWIFT/BIC code starts with an 8-character core: four letters for the bank, two letters for the country and a two-character location code. In this case, that core is SECTCAT1.

The full version has a three-character extension for a branch or department. When those three characters are XXX, they simply mean the head office, which is why SECTCAT1XXX and SECTCAT1 lead to the same place.

Enter the code in one piece, in upper case and without separators. Copying the code beats retyping it, because one wrong letter changes the bank.